Docklands’ jobs increasingly important to Australia’s competitiveness

A report described as a ‘granular look at Australia’s economic future beyond the resources investment boom’ by PwC found Melbourne’s CBD, which includes Docklands and Southbank, grew by 76 percent during the 14 year period studied, substantially above the national average (46 percent).

The report, Understanding the Economy from the Ground-Up, states ‘this growth was primarily driven by the physical expansion of the CBD into Docklands and Southbank, two locations which have consistently outperformed in terms of annual economic growth’.

By contrast the ‘spatially constrained’ Sydney CBD only grew by 37 percent over the same period. However the report adds ‘the physical expansion of the Sydney CBD into Barangaroo should also drive strong growth similar to the Southbank and Docklands experience’.

The report states economic clusters such as the Melbourne CBD that provide high value-add knowledge-industry jobs are becoming increasingly important to Australia’s competitiveness.

Key stats:

• $1 in every $5 national income comes from just 10 locations
• 1 in 3 locations had economies that contracted last year
• Melbourne CBD (including Docklands and Southbank) change in economic output (FY01-FY14): $24,420,000
• Melbourne CBD (including Docklands and Southbank) growth as a proportion of economy in FY01: 76 percent